Do Economists Make Good Money?
Frequently Asked Questions
What is the median annual wage for economists?
The median annual wage for economists was $105,630 in May 2021.
Is economics a high-paying profession?
Yes, economics is generally considered a high-paying profession. The median annual wage for economists is significantly higher than the median annual wage for all occupations in the United States.
What factors can impact an economist’s salary?
An economist’s salary can be impacted by several factors, including the industry they work in, their level of education and experience, and the region where they are employed.
What industries pay the highest for economists?
The industries that pay the highest for economists include federal government agencies, scientific research and development, finance and insurance, and management and consulting services.
What type of education is required to become an economist?
Most economist positions require at least a master’s degree in economics or a related field. Some positions may require a Ph.D. in economics.
The Economics Profession
Economics is a social science that studies how individuals, businesses, governments, and societies use resources to produce and distribute goods and services. Economists use a variety of analytical and empirical tools to understand how economic systems work and to make predictions about future economic trends. The profession of economics is highly diverse, with economists working in academia, government, non-profit organizations, and the private sector.
Economist Salaries
According to the Bureau of Labor Statistics, the median annual wage for economists was $105,630 in May 2021. This is significantly higher than the median annual wage for all occupations, which was $41,950 in May 2020. However, salaries for economists can vary widely depending on the industry they work in, their level of education and experience, and the region where they are employed.
Industry
Economists who work in certain industries tend to earn higher salaries than those who work in others. According to the Bureau of Labor Statistics, the industries that pay the highest for economists include:
- Federal government agencies
- Scientific research and development services
- Finance and insurance
- Management and consulting services
Economists who work in these industries may also enjoy additional benefits, such as job security and opportunities for advancement.
Education and Experience
Most economist positions require at least a master’s degree in economics or a related field. Some positions, especially those in academia or research, may require a Ph.D. in economics. Economists with higher levels of education and more experience tend to earn higher salaries than those with less education and experience.
Location
Salaries for economists can also vary by region. According to the Bureau of Labor Statistics, economists in the District of Columbia, New York, and Virginia tend to earn the highest salaries. However, it’s important to consider the cost of living in these areas, as higher salaries may be offset by higher living expenses.
Conclusion
Overall, the economics profession is generally considered a high-paying profession. While salaries can vary widely depending on factors such as industry, education and experience, and location, the median annual wage for economists is significantly higher than the median annual wage for all occupations in the United States. For individuals who are interested in economics and enjoy analytical and empirical work, a career in economics may offer both intellectual fulfillment and financial rewards.
